According to preliminary statistics from the Vietnam Pepper and Spice Association (VPSA), Vietnam’s cinnamon imports in July 2024 reached 245 tons with a turnover of 0.7 million USD, down 13.1% in volume against June.
In terms of market structure, Asia is Vietnam’s largest cinnamon import market. In which, Indonesia and China are the two main cinnamon suppliers to Vietnam, with 148 tons and 54 tons.
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| Indonesia and China are the two main cinnamon suppliers to Vietnam. (Photo: congthuong.vn) |
In the first seven months of the year, the country imported 2,979 tons of cinnamon, worth more than 7.1 million USD, down 75.2% in volume compared to the same period last year. Of which, imports from Indonesia reached 1,299 tons and those from China reached 1,242 tons.
In 2023, Vietnam exported nearly 90,000 tons of cinnamon, with a total export turnover of more than 260 million USD, up 14.6% in volume but down 10.7% in value compared to 2022. Vietnam’s main export markets in 2023 are India, the US and Bangladesh.
Global demand for spices remains high, not only in the food industry but for application in the pharmaceutical, cosmetic and functional food industries. Vietnam has dozens of companies investing in modern cinnamon processing lines, producing ground cinnamon and cinnamon powder to meet market requirements.
According to statistics, Vietnam’s cinnamon growing area is up to 180,000 hectares in the northern mountainous provinces and the North Central Coastal region. Vietnam’s cinnamon bark reserves are estimated at about 900,000 - 1,200,000 tons, with an average harvest of 70,000 - 80,000 tons a year. Vietnam is also the world’s number one cinnamon exporter with a turnover of over 292 million USD in 2022.
However, in addition to domestic production, the country also imports some cinnamon from neighboring countries to serve export./.